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A Checklist (Only) of Asset Values Required for Equalization

This is a checklist prepared to help you know what values will be needed in the calculations to divide your assets and liabilities with your spouse. It is not intended to be a complete list, and is intended to serve only as a guide in helping you prepare for meetings with advisors.  For more explanations of how to value your assets, see my other articles, and in particular, my article titled, “Financial Information for Calculating Net Family Property“.  The amounts needed will be “re-sale” values at the date of your separation, as well as at the date of your marriage.  For certain items with income tax effects, your cost for tax purposes will be needed.  Assistance from appraisers or valuators will likely be needed to establish certain values, but get some guidance first from your Financial Divorce Specialist or a financial advisor with experience in separation and divorce matters.  For certain properties and debts, additional information, such as beneficiary details, will be required.  Your lawyer, of course, will provide you legal advice and guide you through the divorce process.  A family counsellor can assist you with emotional support and direction in reorganizing your family matters, such as developing a parenting plan for children.  Review my web site or contact your provincial public legal information association (in PEI, the Community Legal Information Association of PEI (www.cliapei.ca)) for more information.

 

Property

Family home
Cottage
Land holdings
Rental properties or other real estate owned
Household furniture
Personal jewelry
Collectibles and antiques
Automobiles
Recreational vehicles, motorcycles, snowmobiles, boats, etc.
Bank balances
Tax Free Savings Accounts
Registered Retirement Savings Plans or Registered Retirement Income Funds
Registered Education Savings Plans
Term deposits and savings certificates (including interest earned to date of separation)
Stock market and investment brokerage account balances
Employer pension plan details
Information on monthly annuities or pension entitlements to be or already being received
Life insurance – policy descriptions, beneficiaries, cash surrender values, premiums etc.
Savings plans through employment, such as employee savings or profit sharing plans
Entitlements to future retiring allowances from work (e.g. 1 week of pay for each work year)
Vacation pay owed at date of separation
Other balances owed from work when you retire (sick leave, over-time, etc.)
Details of group insurance plans through work, including health, life and disability insurance
Private loans owing from family members or other parties
Details of private business ownership (business valuations will be needed)
Details of farm or fishing businesses and related assets
Amounts of significant loyalty point programs (e.g. Air Miles, Aeroplan, etc.)
Values / details of any other property
Debts and Liabilities
Mortgage or home line of credit balances
Credit card balances
Amounts owing to creditors for unpaid bills
Personal lines of credit
Car loans
Private loans owing to family members or other parties
Details of guarantees pledged or loans co-signed by you for other parties
Amount / details of any other debts owed
Other
Details of all of the above property and liabilities as at the date of marriage
Details of amounts received from inheritances or gifts, damages for injuries and other health issues, and amounts collected from life, accident or sickness insurance policies
Details of any marriage contracts
Other information you believe may be relevant

You should also make a list of any significant property disposals during the last two years to provide to your lawyer.

 

 

Blair Corkum, CPA, CA, R.F.P., CFP, CFDS, CLU, CHS holds his Chartered Professional Accountant, Chartered Accountant, Registered Financial Planner, Chartered Financial Divorce Specialist as well as several other financial planning related designations. Blair offers hourly based fee-only personal financial planning, holds no investment or insurance licenses, and receives no commissions or referral fees. This publication should not be construed as legal or investment advice. It is neither a definitive analysis of the law nor a substitute for professional advice which you should obtain before acting on information in this article. Information may change as a result of legislation or regulations issued after this article was written.©Blair Corkum